• Friday, July 19, 2024
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NUPRC extends deadline for 2024 oil block licencing round by ten days

NUPRC extends deadline for 2024 oil block licencing round by ten days

The Nigerian Upstream Regulatory Commission (NUPRC) has expanded the offering and extended the application deadline for the 2024 oil licensing round, according to a report by Reuters.

“We have undertaken more exploratory activities and as a result acquired more data to expand the offer and extend the deadline. This has given rise to tremendous interest from investors,” said Gbenga Komolafe, head of NUPRC.

Komolafe explained, “The extension of the licensing round by including deep offshore blocks was informed by the increased exploratory activities and data acquisition which has sparked tremendous interest from investors.”

Read also: Nigeria oil licence auction attracts huge interest, regulator says

He also announced an extension of the registration deadline by 10 days, with bid submissions now set to open on July 8 and close on November 29. The goal is to maximise the exploitation of Nigeria’s significant oil and gas reserves, estimated at 37.5 billion barrels of crude oil and 209.26 trillion cubic feet of natural gas.

Also, to enhance attractiveness, the NUPRC reduced entry fees, known as signature bonuses, from around $200 million per field to $10 million.

Komolafe said the process promises transparency and fairness, with online submissions available through the regulator’s website. Bidders have the flexibility to lease single units of oil blocks or opt for clusters.

The NUPRC opened a licensing round in April, offering 19 onshore and deepwater oil blocks to investors.

Initially launched with 19 onshore and deepwater blocks in April, BusinessDay, on Tuesday, reported that the NUPRC added 17 deep offshore blocks to the 2024 licensing round, which Komalafe said is due to heightened investor enthusiasm.